Gold Rate Today, 4 November: MCX Gold Back Above ₹1.41 Lakh, Silver Jumps ₹4,300 Ahead of Dhanteras
Gold and silver rallied on Wednesday as the dollar slipped to a five-week low after the US midterm results. MCX gold rose about 1.4% and silver about 2.4% two days before Dhanteras.
Precious metals turned higher on Wednesday, two days before Dhanteras, after a weak start to the session. By late morning, gold futures on the Multi Commodity Exchange (MCX) had climbed back above ₹1.41 lakh per 10 grams and silver had gained more than ₹4,000 per kilogram.
Rates at a glance (4 November, late morning)
| Metal | Rate | Change |
|---|---|---|
| 24K gold (retail, 10 g) | ₹1,39,910 | +₹270 |
| 22K gold (retail, 10 g) | ₹1,28,250 | +₹250 |
| 18K gold (retail, 10 g) | ₹1,04,930 | +₹200 |
| MCX gold (10 g) | about ₹1,41,430 | +1.4% |
| MCX silver (1 kg) | about ₹1,85,760 | +₹4,300 (2.4%) |
Both metals had been trading slightly lower in early deals, with MCX gold near ₹1,39,280 and silver near ₹1,77,800 around 9:30 am, before buying picked up.
Why prices rose
- Weaker dollar: the US dollar index slid to a five-week low near 101.5 as markets weighed the US midterm election results, making dollar-priced metals cheaper for other buyers.
- Softer crude oil: lower oil prices eased inflation worries.
- Global prices: spot gold rose about 1% and spot silver more than 1.5% overseas.
The World Gold Council has meanwhile cut its forecast for gold investment demand growth this year while raising its estimate for central bank purchases.
Dhanteras demand
Dhanteras falls on Friday, 6 November, when buying gold and silver is considered auspicious. Jewellers will be watching whether the rebound holds into the festival. Retail rates vary from city to city, and GST and making charges are added at the counter.
Featured image: Photo: Bhaskaranaidu, CC BY-SA 3.0, via Wikimedia Commons.
Sources
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